External events that cause reflection are good reminders to update estate planning documents.
The main reason that people choose to have a living trust instead of a will, is that it avoids the probate system. Probate is the legal proceedings to decide whether a will is legal and binding. It also is the court session to decide where the property will go, if there is no will provided.
Besides seeking to draft or alter wills and trusts, many clients were changing trustees, executors and the agents they assigned to oversee their finances and health care, if they were unable to make decisions themselves.
You may have a friend, or two, who has blown a large inheritance. Some of you may have also seen a news story about a lottery winner who went bankrupt (or worse) just a few years after receiving a life-altering sum of money. If you don’t want this to be you, keep reading as we share five tips to make the most of an inheritance or windfall.
You’ve considered how you want your estate to be distributed after you die. Hopefully, you’ve even written a will to make sure your wishes will be followed. So, your estate is planned…right?